Gold prices dropping - Page 5

Originally Posted by unknownk

Yes you can purchase your own insurance (on pretty much anything) but the safety deposit box is uninsured by the bank. Some people might think the bank is responsible for items stored there.

Paper burns, gold doesn't

Enough said

Scott

Originally Posted by unknownk

True. Ever run across any gold coins or bullion that has been melted in a house fire? Just wondering.

Funny you should ask...

I had a customer that had a lump of what I would say looked like moon rock. It consisted of many different metals including but not limited to gold, silver, copper, etc. At some time in their families history, a house had burnt down. This metal mass was the result of a fire that had been hot enough to melt the coins into a mass of fused metals, and partially alloyed some of them.

Needless to say I was able to refine the metals, and to my surprise there was actually a large amount of gold and silver. I would never have guessed it just by looking at it, perhaps by weight but I still was surprised after everything was said and done.

There is a great story about a couple Nobel Peace Price winners during WWII who saved the gold out of which their medals were made, by dissolving them in Aqua Regia. Check this out for an interesting reading:

How aqua regia saved Nobel Prize medals from the Nazis | A Schooner of Science

Scott

Great discussion with great information. I'll reiterate from another thread I had posted in. If I am going to hoard silver for the "---- hits the fan" scenario, It is going to be U.S. minted pre 64 dimes. It is recognized the world over as 90% silver content, and the small quantity is great for trading. You need a pound of wheat and the guy wants 10 cents U.S. silver for it? Have fun with your silver round and cutting it up. Or maybe the guy will talk you into some other stuff that you don't need to make up for that silver round. Not to mention that 90% coins can be bought and sold for just a nominal price difference from the dealer unlike the extra price that is commanded from a silver round.

I wish I had the silver hoard that I had about 5 years ago. (give or take, things get fuzzy). I started buying silver at around $5 to $7 some time previous to that and I saw some writing on the wall of some things to come. I had STUPID disposable income at the time and kept buying whenever and wherever I could. I ended up with over $1100 face value in U.S. 90% silver coinage. Several hundred in U.S. 40% I can't even recall how many silver rounds and bars and 8 oz rounds and full pound rounds I had. I kept buying all the way up to about 12 or 13 dollars an ounce. I was buying some gold coins at the time as well. Not a crazy amount but was buying the "right ones at the right time" (more on that later).

Fast forward to whatever the time was, but silver ended up around $25 on the way up and I had fallen on hard times due to various circumstances. I was able to unload for a tidy profit. That helped the "fall to earth" be a little softer. It helped as well that the guy I was dealing with to move my silver at the time was so sure that silver was over rated that he had been shorting it and was paying me 75 cents OVER spot for all that I could bring in. He had to keep covering his sell orders.

The above is an example of buying low and cashing out when things get bad. The housing bubble breaking and the resulting economy was a big factor in the collapse of the "Greg empire" but that hoard of silver made it sooooo much easier.

OK, the right coins at the right time as mentioned above. Let's say that you want to invest in some U.S. minted gold coins right now. (just to get this back on track with the gold discussion). To do this properly, you will need some historic collectible coin prices. (I keep all of my old red books for this purpose). Let's say that (making up numbers from here on out) gold is at $800 an ounce. If you look at a coin price list (the red book). Every coin will have a minimum price based on the precious metal content. Let's say no matter what 1/4 ounce gold coin you are looking at sells for $200. There are other gold coins that list at say $400 in the lowest condition. Fast forward to gold at $1600. Guess what, all of those same weight coins are now worth $400. You happen to have $400 to invest in a gold coin. Grab that one that was at $400 before the rise in price. (the reason to hold the old red books). Now, when the price of gold drops, assuming that the collectible market recovers, you still have the collectability of that coin above the scrap value.

I hope that last tip about buying gold coins was coherent. I had the day off and the rum is flowing freely tonight.

I tend to avoid the """news"""" these days, can anyone put the catalyst for today's gold & silver price jumps into a nutshell for me?

Or was it just PFM?

No end in sight keeps dropping

It's the end of the year, people divest this time of year to pay for xmas.

The baby boomers are selling off precious metals because they cannot sell their houses to pull equity for retirement. This is the last year baby boomers are retiring but also the largest number of people retiring ever.

It's an election year, and even though it's over with our current president is a lame duck, meaning he is beholding to nobody this second term because he doesn't have to worry about re-election, he cannot be re-elected.

It's the end of the 2600 year cycle on the Mayan calendar, and odd as this might sound some people sold off gold because they thought it was the end of the world.

The average age people have liquid funds to purchase precious metals is 46, however there is a large percentage of those people who have lost their houses, and jobs, and are not liquid. And there are fewer and fewer people in the US at least, who are 46. We are actually on a population decline, fewer people are being born. We only have an increase in population because the baby boomers are still around.

Fact is if you haven't caught on already, there are so many different factors that we can point at and call out as the reasons for gold prices falling. Personally I believe the market is manipulated by those who can do so. And it's done for the simple reason of profit taking. Gold will go up again, and down again, and up again and continue to do so for the rest of our lives. However, the general trend is that gold continues to rise over the decades, and nothing has ever stopped it.

Scott

When Gas prices go down so do PMs this is the currency movement. Some commodities don't follow this like food and textiles but the depend on weather not future mining or recycling that is somewhat predictable.

Eric

Originally Posted by etack

When Gas prices go down so do PMs this is the currency movement. Some commodities don't follow this like food and textiles but the depend on weather not future mining or recycling that is somewhat predictable.

Eric

Gas prices have bottomed and are headed back up. Were going to see $5 gas in 2013 because the government wont open up domestic supplies or make it profitable to do so and has cut production in the gulf. Just another bullish indicator for pm prices.

Ive been keeping a close eve on some US drillers in kurdistan, they are facing the same issues, they have highly productive wells but no pipelines to move it.

Originally Posted by NobleMetalWorks

It's the end of the year, people divest this time of year to pay for xmas.

The baby boomers are selling off precious metals because they cannot sell their houses to pull equity for retirement. This is the last year baby boomers are retiring but also the largest number of people retiring ever.

It's an election year, and even though it's over with our current president is a lame duck, meaning he is beholding to nobody this second term because he doesn't have to worry about re-election, he cannot be re-elected.

It's the end of the 2600 year cycle on the Mayan calendar, and odd as this might sound some people sold off gold because they thought it was the end of the world.

The average age people have liquid funds to purchase precious metals is 46, however there is a large percentage of those people who have lost their houses, and jobs, and are not liquid. And there are fewer and fewer people in the US at least, who are 46. We are actually on a population decline, fewer people are being born. We only have an increase in population because the baby boomers are still around.

Fact is if you haven't caught on already, there are so many different factors that we can point at and call out as the reasons for gold prices falling. Personally I believe the market is manipulated by those who can do so. And it's done for the simple reason of profit taking. Gold will go up again, and down again, and up again and continue to do so for the rest of our lives. However, the general trend is that gold continues to rise over the decades, and nothing has ever stopped it.

Scott

The thing that is really hitting the boomers is the change in time, aka, evolution. Things are changing and all projections from a few years ago is out the window. What you thought would work for retirement a long time ago, will not and it has nothing to do with Obama. We need to accept things for what they are, keep it realistic, and do what we must to survive. Nothing is free and one way or the other, we all must pay to live.

If you believe a dam thing Goldman (lying) Sacks (of fecal matter) says, you are truly the bigger fool.

Them saying gold's going down makes me that much more bullish on it. In case you haven't figured out the way the game is played by now, these brokerage houses (ESPECIALLY GS!!!!!!) publish half-truths and outright lies to confuse the populace... then, when the sheeple react to the bull$#!+ they spout, they either buy what they bashed at a lower price, or sell what they talked up at a higher price.

I'm having to edit my post as I go to keep from having every word filtered by the cussword-preventer on this forum, but suffice it to say, those guys, all the brokerage houses but ESPECIALLY Goldman Sachs, should be lined up against a brick wall with a blindfold and a cigarette.